• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Kangwon Land 2019 profit up 13pct on improved sales

Feb 11, 2020 Newsdesk Latest News, Rest of Asia, Top of the deck  


Kangwon Land 2019 profit up 13pct on improved sales

Kangwon Land Inc, the operator of the only casino resort in South Korea where the country’s nationals are allowed to gamble, says its full-2019 net profit rose by 12.7 percent in year-on-year terms, supported by stronger sales and lower costs.

Such profit in the 12 months to December 31 was KRW335.06 billion (US$283.3 million), compared with nearly KRW297.24 billion in 2018, according to a Tuesday filing to the Korea Exchange.

Operating income for 2019 rose by 16.6 percent year-on-year to KRW502.22 billion, said Kangwon Land.

South Korea’s nationals are only allowed to gamble at Kangwon Land casino resort (pictured in a file photo) in an upland area of Kangwon province – 150 kilometres (93 miles) from the country’s capital Seoul.

The casino operator reported sales of nearly KRW1.52 trillion for last year, up 5.7 percent from 2018.

The company did not give detailed commentary on the results filed with the Korea Exchange.

Kangwon Land said its fourth-quarter net profit rose by 178.4 percent from the prior-year period to KRW53.03 billion. Sales for the three months ended December 31 rose by 6.0 percent year-on-year to almost KRW372.84 billion, said the firm.

The company is – as the only authorised provider of casino gaming to South Korean nationals – subject to significant oversight from the country’s government.

Kangwon Land announced last month the appointment of Moon Tae-Gon  as interim chairman. Mr Moon was already the firm’s chief executive and director.


  • tweet
Related articles
  • Casino firm Landing flags 10pct-20pct slimmer year loss
    Casino firm Landing flags 10pct-20pct...

    Mar 05, 2021  

  • Paradise Co posts sharp Feb casino revenue decline
    Paradise Co posts sharp Feb casino...

    Mar 04, 2021  

More news
  • Fitch says LVS Nevada sale slight negative, Moody’s keener
    Fitch says LVS Nevada sale slight...

    Mar 05, 2021  

  • Travel ban on casino hub Sihanoukville: reports
    Travel ban on casino hub Sihanoukville:...

    Mar 05, 2021  


Latest News

Fitch says LVS Nevada sale slight negative, Moody’s keener

Fitch says LVS Nevada sale slight negative, Moody’s keener

Mar 05, 2021  

Despite United States-based casino group Las Vegas Sands Corp (LVS) being in line to generate US$6.25 billion from the sale of its Las Vegas, Nevada assets, Fitch Ratings Inc said in a Thursday memo...
Read More
Travel ban on casino hub Sihanoukville: reports

Travel ban on casino hub Sihanoukville: reports

Mar 05, 2021  

Melco says City of Dreams in Cyprus open summer 2022

Melco says City of Dreams in Cyprus open summer 2022

Mar 05, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day

“Prolonged closure of operations could derail earnings recovery and weigh on NagaCorp’s credit quality"

Junling Tan, Yu Sheng Tay and Vikas Halan

Analysts at credit rating agency Moody’s Investors Service



Most Popular

  • Lim Kok Thay, GEN Singapore execs in US$1.3mln stock awardLim Kok Thay, GEN Singapore execs in US$1.3mln stock award March 2, 2021
  • Las Vegas Sands to sell off Nevada assets for US$6.25blnLas Vegas Sands to sell off Nevada assets for US$6.25bln March 3, 2021
  • Covid-19 test cert no longer needed for Macau casino entryCovid-19 test cert no longer needed for Macau casino entry March 2, 2021
  • Pansy Ho again cuts stake in MGM Resorts, for US$57mlnPansy Ho again cuts stake in MGM Resorts, for US$57mln March 4, 2021
  • LVS plans to keep U.S. base, stock listing: spokesmanLVS plans to keep U.S. base, stock listing: spokesman March 4, 2021
Copyright 2014-2021 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us